"Multifamily might seem to be an easy asset class in which to make your mark. After all, it is characterized by low vacancy rates, strong and unrelenting demand and, in many markets, a steady but not overly saturated supply. But don’t be deceived, this category comes with its challenges and they take a real pro to navigate. On the following pages we look at the individuals, groups and companies that have made a difference in the space. They have forged new strategies, executed on well-laid plans, entered new markets and introduced novel concepts. As the multifamily market continues to evolve, watch these influencers to see what they do—they will surely be leading the way."
A second-generation real estate developer, Scott Choppin has been a pioneer in the emerging multi-generational multifamily housing market. As the CEO and founder of the Urban Pacific Group of Cos., Choppin has developed what he calls the urban townhouse or UTH to supply the middle-income workforce housing demographic in Southern California.
The UTH floor plan is typically five bedrooms, four bathrooms with direct access from a two-car garage and a bedroom and bathroom on the ground floor. While UTH is a solution to the dearth of middle-income housing supply, it also delivers solid returns to investors. Choppin says the product has 25% or greater IRR on equity investments and has produced an average of 29% IRR since its inception. Prior to launching the Urban Pacific Group of Cos., Choppin led land acquisition for luxury, market-rate and senior housing communities for Sares-Regis Group, including the acquisition, syndication and entitlement of 1,900 affordable apartment units.
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